PSEi sinks to 5,700 level as MSCI reshuffle spark sell-off

Local stocks retreated on Friday as investors stayed cautious over developments in the United States-Iran conflict, while a major MSCI index rebalancing fueled heavy trading activity. The benchmark Philippine Stock Exchange Index (PSEi) fell 1.56 percent or 91.18 points, to close at 5,768.76. Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the PSEi’s intraday low of 5,766.82 on May 29 marked its weakest level since the Middle East conflict erupted on Feb. 28.  READ: US, Iranian negotiators reach tentative deal to extend ceasefire “It was also the index’s lowest level in more than six months, or since Nov. […]... Keep on reading: PSEi sinks to 5,700 level as MSCI reshuffle spark sell-off

Original source: Philippine Daily Inquirer